Monday, February 22, 2010
Simmel and economics
Simmel argues that value arises from exchange. In fact, Marx, too, argued the origin of value. This is the famous labor theory of value (This theory was later discredited). In today's economics, value arises from marginal utility (Explanation is here). Do you think Simmel's argument on value is with flaw? Or can we make new economic theory based on Simmel's argument?
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